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1 results

  • A Bayesian Multi-Level Factor Analytic Model of Consumer Price Sensitivities Across Categories

  • Sri Devi Duvvuri, Thomas S. Gruca
  • Journal:
    Psychometrika / Volume 75 / Issue 3 / September 2010
    Published online by Cambridge University Press:
    01 January 2025, pp. 558-578

  • Identifying price sensitive consumers is an important problem in marketing. We develop a Bayesian multi-level factor analytic model of the covariation among household-level price sensitivities across product categories that are substitutes. Based on a multivariate probit model of category incidence, this framework also allows the researcher to model overall price sensitivity (i.e., indicated by higher-order factor scores) as a function of household-level covariates. All model parameters are estimated simultaneously to circumvent the downward bias resulting from two-stage estimation. The modeling framework is illustrated using scanner panel data from multiple categories of instant coffee.